Moscow, Russia – 15 October, 2008 – Sistema (LSE: SSA), the largest public diversified corporation in Russia and the CIS which manages fast growing companies operating in the consumer services sector, held an investor conference call to discuss company`s position in current market conditions.

On the call, the management stated that MTS's shares owned by Sistema have not been pledged.  In fact, Sistema recently pledged 0.4% of MTS's outstanding shares in connection with a $35 million credit facility, which will be repaid in November of 2008.

For further information, please visit www.sistema.com or contact:

Sistema Investor Relations                                                  Shared Value Limited

Pavel Kim                                                                            Larisa Kogut-Millings

Tel: +7 495 692 22 88                                                         Tel: +44 (0) 20 73215010

ir@sistema.ru                                                                      sistema@sharedvalue.net